Seadrill joint venture awarded contract extension

Seadrill (SDRL) announced Sonadrill, its 50:50 joint venture with an affiliate of Sonangol, has been awarded a contract extension. A seven-well priced option for the ultra-deepwater drillship Sonangol Quenguela has been exercised, extending operations in Angola by approximately 480 days and committing the rig into June 2028. Seadrill earns a management fee for providing management, operational and technical support to Sonadrill.